BSP, PNP, DILG  nab counterfeiting suspect with the help of GCash

A man who used counterfeit money to sell fake money bouquets to his victims was recently arrested in a joint operation of the Bangko Sentral ng Pilipinas (BSP), the Philippine National Police (PNP), and the Department of Interior and Local Government, with the support of GCash.

The suspect, identified as Jason Bendejo Bañaria, was caught in the act of selling money bouquets, where he used fake bank notes instead of real ones. He was caught with 300 pieces of PHP 1,000.00 and 300 pieces of PHP 500.00 counterfeit bills.

Bañaria was charged  with violation of BSP Circular Number 829, Series of 2014 in relation to Sec. 50 of RA 7653, PD 1602 (Counterfeit bank notes), and Illegal Possession and Use of False Treasury or Bank Notes and Other Instrument of Credit under Art. 168 of the Revised Penal Code.

Counterfeiting Philippine money is punishable by a jail sentence of up to 20 years and a day.

The BSP has proposed that the jail sentence be lengthened to increase the costs of counterfeiting. Existing law (Republic Act No 10951) imposes a maximum fine of PHP 2 million for this crime, up from only P10,000 prior to the law’s enactment in 2017.

Furthermore, the BSP asked the public to report information on currency counterfeiting to law enforcement authorities, and cautioned the public to be extra vigilant against fraudulent emails or text messages, with links that redirect users to suspicious websites.

As the country’s number one finance super app and a leader of secure finance, GCash continues to have an active partnership with authorities and regulatory bodies, like the BSP, PNP, NBI, and the National Privacy Commission, to protect consumers from fraud.

Moreover, GCash has also signed an agreement with the Anti-Money Laundering Council (AMLC), ensuring that it provides the highest standard of anti-money laundering, counter-terrorism financing, and fraud measures.

For help and assistance on how to report counterfeiting, send information to pcig@bsp.gov.ph or to 02 8988-4833 or 02 8926-5092.

To report scams and fraudulent activities, visit the official GCash Help Center in the app or at the website help.gcash.com/hc, message Gigi, and type, “I want to report a scam.”

GCash will never send users personal messages to address concerns or get personal information, especially the MPIN and One-time Pin (OTP). Customers can also reach out to the official GCash hotline at 2882 for queries and other concerns.